Bank of America's historic fine puts US-China capital streams in focus. Enforcement is now part of the cost of cross-border banking, and that matters for every institution with China exposure.

What happened: The US Treasury fined Bank of America over compliance failures involving Chinese money-laundering networks, in penalties announced on Tuesday. Key numbers: Penalties totalled more than US$1.21 billion, described by the US Treasury as its third-largest penalty on record and the largest in the history of the Office of the Comptroller of the Currency. Why it matters: Analysts see the action as a signal that could prompt Western banks to tighten scrutiny of Chinese clients and cross-border transactions. Coverage: 7 outlets in 24h

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